公司理財本科班第一講introductiontocorporatefinancenew(編輯修改稿)
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【文章內(nèi)容簡介】 New York Economic Policy Review, 9 (April 2003), pp. 2750. Gompers, P.A., J.L. Ishii, and A. Metrick. “Corporate Governance and Equity Prices” Quarterly Journal of Economics, 118(1), February 2003, pp. 107155. L. Guiso, L. Zingales, and P. Sapienza, “Trusting the Stock Market,” Journal of Finance 63 (December 2008), pp. 2557–600. MackieMason, J.K., and R.H. Gordon. “How Much Do Taxes Discourage Incorporation?” Journal of Finance, (June 1997). Rappaport, A. “New thinking on how to link executive pay with performance.” Harvard Business Review, MarchApril 1999, 91104.,Chapter 2 Present Values,Corporate Finance,Chapter 2 How to calculate present values,Future values and present values Perpetuities and annuities Growing perpetuities and annuities How Interest Is Paid and Quoted,21 Future Values and present values,Calculating Future Values Future Value Amount to which investment will grow after earning interest Present Value Value today of future cash flow,21 Future Values and present values,Future Value of $100 = Example: FV What is the future value of $100 if interest is compounded annually at a rate of 7% for two years?,Figure 2.1 Future Values with compounding,21 Future Values and present values,21 Future Values and present values,Discount factor = DF = PV of $1 Discount factors can be used to compute present value of any cash flow,21 Future Values and present values,Given any variables in the equation, one can solve for the remaining variable Prior example can be reversed,Figure 2.2 Present Values with compounding,21 Future Values and present values,Valuing an Office Building Step 1: Forecast Cash Flows Cost of building = C0 = $700,000 Sale price in year 1 = C1 = $800,000 Step 2: Estimate Opportunity Cost of Capital If equally risky investments in the capital market offer a return of 7%, then cost of capital = r = 7%,21 Future Values and present values,Valuing an Office Building Step 3: Discount future cash flows Step 4: Go ahead if PV of payoff exceeds investment,21 Future Values and present values,Net Present Value,21 Future Values and present values,Risk and Present Value Higher risk projects require a higher rate of return Higher required rates of return cause lower PVs,21 Future Values and present values,Risk and Net Present Value,21 Future Values and present values,Net Present Value Rule Accept investments that have positive net present value Using the original example: Should one accept the project given a 10% expected return?,21 Future Values and present values,Rate of Return Rule Accept investments that offer rates of return in excess of their opportunity cost of capital In the project listed below, the opportunity cost of capital is 12%. Is the project a wise investment?,21 Future Values and present values,Multiple Cash Flows Discounted Cash Flow (DCF) formula:,Figure 2.5 Net Present Values,22 Perpetuities and annuities,Perpetuity Financial concept in which c
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